Blockchain technology is definitely in the limelight right now, as demand for its services continues to grow. It has even been named one of the top 3 innovations for 2018 by Forbes magazine. Pretty amazing, right?

But, what is blockchain, really?

It is basically a digital ledger that can record transactions between two parties efficiently and securely.

Hundreds of startups are already using blockchain technology in one way or another, but not all of them have not been able to gain the spotlight yet. Thus, today, we’ll only look at five of the chosen ones in this article and discuss a little about them.

What Is Blockchain Technology?

Blockchain technology is the technology behind bitcoin and other Cryptocurrencies, but it's also used in many other ways.

It's a distributed database that is decentralised, which means that there is no single company or person who controls it. This allows for transparency and security, as well as the ability to share information with multiple parties.

Blockchain technology allows people to keep track of their assets in one place and makes it easy to transfer those assets from one party to another without having to go through a middleman.

5 Indian Startups Putting Foot In the Blockchain Technology

Blockchain technology is developing in the Indian technological market in order to support the trade and trend of Cryptocurrencies.

To know more about the market trends and trading options of the Crypto world, you can log in to platforms like the bitcoin era. It can offer you a better view of the strategies and aid you in understanding the nooks and crannies of the same.

Here are 5 top Indian startup businesses that are shining in the field of blockchain technology

1. CoinDCX

Launched in April 2018 by Sumit Gupta and Niraj Khandelwal, CoinDCX is a Mumbai-based startup glorifying the technology behind blockchain networking systems.

With CoinDCX, customers can access a diversity of coins from one source. They can experience the fastest aggregated liquidity from top global exchanges at the best rates! Users can trade and store more than 100 coins exchanged with INR.

Another service provided by this platform is Lend. It is a credit facilitating function that can be used to earn Crypto interests.

You can also sign up to DCXLearn to understand and get ahead of the world in matters related to digital assets.

CoinDCX has successfully raised 5.5 million from venture capital firms. This list includes:

• Coinbase Ventures.
• PolyChain Capital.
• Bain Capital Ventures.
• HDR Group.

2. InstaDapp

InstaDapp is a Hyderabad-based startup that aims to drive interoperability between different DeFi blockchain protocols. This eases the process of app development that help software developers take full advantage of blockchain technology.

This is a platform that offers users and developers a single point of integration to access all the DeFi protocols. It uses user-owned smart contract accounts. This helps them to optimise and manage funds through variable protocols.

The InstaDapp platform allows users to quickly launch a decentralised application. You can avoid going through the tedious process of endless debugging with this application. It makes it easier for developers to innovate and execute faster.

3. Signzy

Signzy is a Bangalore-based startup, founded by Ankur Pandey, Ankit Ratan and Arpit Ratan in 2015.

It is a highly technological platform that facilitates digital banking. Signzy combines blockchain and AI. It builds secure, compliant and user-friendly products.

4. KoineArth

The KoineArth team is committed to creating a vibrant, thriving community of users and developers who are excited about the future of blockchain technology.

This startup, founded by Praful Chandra in 2017, has successfully raised $1.8 million from venture capitalists.

It envisions building an ecosystem that helps people exchange value with each other, gives them access to affordable financial services, and allows them to manage their own data securely.

5. Matic Network

Matic Network was founded by Anurag Arjun, Jayanti Kanani, and Sandeep Nailwal. This startup was launched with a public token sale in April 2019.

Through this sale, it managed to raise $5,600,000. With Proof of Stake bases side chains, Matic brings a huge scale to the Ethereum blockchain with an adapted version of the Plasma protocol.

Conclusion

Blockchain in India is growing with budding startups.

There are several reasons for this growth. For example, India has a thriving startup ecosystem with a lot of innovative ideas and innovations coming up every day. Also, there are many investors in the country who are willing to invest in blockchain startups.

Because of this, there are several companies in India working to apply blockchain technology to their own industries. For example, there are several companies working on supply chain management systems using blockchain technology.